Paytm's wealth management arm, Paytm Money recently appointed Rakesh Singh as its new CEO. He will be replacing Varun Sridhar, who has been serving as the chief executive of the company since 2020.
According to a report by the Economic Times, Rakesh Singh had already joined the organisation last month. He was earlier associated with Fisdom, a discount brokerage firm, at the same position. Sridhar, on the other hand, has been moved to another role within the company.
The wealth tech company became profitable under Sridhar in FY23. The company recorded a net profit of Rs 42.8 crore on revenue of Rs 132.8 crore in the same period.
However, it faces tough competition in the discount broking space, with well-established players like Zerodha, Groww and Upstox already dominating the segment. Data from the National Stock Exchange revealed that Paytm Money has nearly 760,000 active trading clients.
Notable, Paytm Money had also welcomed a senior level executive earlier this year. Vipul Mewada, who was previously associated with ICICI securities as a deputy CFO, took over the position in February.
The online wealth management segment has witnessed many changes in executive level position since the advent of this year.
On an annual basis, the shares of the company's parent firm, One 97 Communication have remained in the negative territory, down by almost 45 per cent on the national stock exchange. The higher drop mainly came when RBI issued a notice to PPBL (Paytm Payments Bank Ltd.) for its operations.
